No New Taxes In Turks and Caicos Budget

The Turks and Caicos Islands' recent 2017 Budget contained no new taxes but reiterated the territory's commitment to tax cooperation and the exchange of information with other jurisdictions.

Premier Sharlene Cartwright Robinson repeated her government's manifesto promise to conduct a full review of the existing tax structure and introduce cost-saving measures, to ensure the territory retains a competitive advantage.

Robinson said that looking ahead to the 2017/18 budget year, there will be an increased focus on enforcement and compliance. In particular, the Compliance Unit of the Revenue Department will concentrate on regulating and ensuring the taxation of the growing vacation rental sector.

Other areas of focus in the short to medium term include a review of the maritime and aviation industry to establish relevant fees and charges; a review of the financial services sector to identify new niches; and rolling out online services for taxpayers.

Robinson said legislation allowing for the sharing of beneficial ownership information with other jurisdictions will be tabled in parliament shortly. She also confirmed that the territory will be in the group of early adopter reporting jurisdictions under the Common Reporting Standard, the new international standard in the area of tax transparency, which provides for automatic information exchange.

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